08/03/03

Gus Georgalis, developer of the Cloak Factory apartments in the Historic Warehouse District and co-developer of the Sincere Building condominiums in the Historic Gateway District, is pushing condos.

Georgalis plans to build an 11-story building atop a garage he owns at 1220 West Sixth Street. The new project, called The Pinnacle, will consist of 80 units, 60 percent condos, 40 percent apartments with 2½ floors of custom-built townhomes at the top. It will have 180,000 square feet of living space.

The look of the building is contemporary with a mostly glass exterior. It will be connected to the Cloak Factory, a 100-year-old warehouse that was converted into 21 units with 12- to 26-foot high ceilings.

Georgalis said his plans are to make The Pinnacle and The Cloak Factory a full-service development, complete with an indoor swim ming pool, indoor green space and more parking. Each of the new units will have finished hardwood floors, design tiles, granite and marble vanities, fireplaces and steel balconies.

Georgalis is mum on the exact cost of developing The Pinnacle, but said about $25 million is not out of range.

He is pushing condos because he thinks the area is ready for them, though it remains to be seen how many people will buy them in a building where others are renting.

Still, Georgalis remains optimistic. He said low interest rates and 15-year tax abatements are his leverage.

A Historic Warehouse District official confirmed that Georgalis has been through one round with the City of Cleveland's Design Review committee and got partial conceptual approval.

"There was no resistance on size, glass and the contemporary look," said Tom Starinsky, project director of the district. "They (design review) said things are consistent with the HWD master plan."

Georgalis will again go before the committee in two weeks to go over some minor things.

The Pinnacle is being designed by Schmidt Copeland Parker Stevens Inc.

Georgalis hopes to get started on construction by late summer or early fall. He said it will be complete in less than a year.

To reach this Plain Dealer reporter:

cthomas@plaind.com, 216-999-4870